Markets trade at day’s low levels in late afternoon session

Indian equity markets traded at day’s low levels in late afternoon session following Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) announcements. Investors overlooked the report that the RBI projected a lower inflation of 4.5 per cent in the next financial year, than 5.4 per cent in 2023-24, provided there is normal monsoon. The central government has tasked the RBI to ensure that the Consumer Price Index (CPI) based inflation remains at 4 per cent, with a margin of 2 per cent on either side. Meanwhile, RBI planning to introduce offline e-rupee transactions soon. On the global front, Asian markets were trading mixed as caution crept in before the Lunar New Year holidays. European markets were trading mostly in green as investors reacted to hawkish comments from central bank officials and a slew of mostly positive earnings. 

The BSE Sensex is currently trading at 71416.90, down by 735.10 points or 1.02% after trading in a range of 71374.88 and 72473.42. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.38%, while Small cap index was down by 0.22%.

The top gaining sectoral indices on the BSE were PSU up by 2.30%, Oil & Gas up by 1.32%, Energy up by 1.16%, Telecom up by 1.15% and Utilities was up by 0.99%, while FMCG down by 2.15%, Bankex down by 1.15%, Basic Materials down by 1.07%, Consumer Durables down by 1.05% and Auto was down by 1.03% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 4.77%, Power Grid up by 4.76%, HCL Tech up by 0.95%, TCS up by 0.61% and Reliance Industries up by 0.07%. On the flip side, ITC down by 4.08%, Nestle down by 3.43%, Axis Bank down by 3.04%, ICICI Bank down by 2.51% and Mahindra & Mahindra down by 2.45% were the top losers.

Meanwhile, Union Minister for Commerce & Industry Piyush Goyal has said that it is important to understand and appreciate the importance of Quality. The Minister said for Prime Minister Shri Narendra Modi quality and sustainability are two most important issues that will define the nation’s journey in becoming a developed nation by 2047.

Goyal expressed his confidence in the Prime Minister providing quality of living to the citizens in his third term, as he has worked towards providing ease of living to the people in his second term. He said ‘India cannot become a developed nation unless we respect the environment and imbibe quality and sustainability as prime focus that will help India reach the ‘golden era’ that our country once enjoyed.’

Meanwhile, with an aim to strengthen the young force of India, nearly 20% of the total world youth population, the Quality Council of India (QCI) celebrates the first convocation ceremony of the first batch of the Gunvatta Gurukul, a ground-breaking initiative aligned with the vision of preparing and propelling youth to become an integral part of the Developed India, a Viksit Bharat, by 2047.

The CNX Nifty is currently trading at 21725.85, down by 204.65 points or 0.93% after trading in a range of 21709.55 and 22011.05. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were SBI up by 4.83%, BPCL up by 4.74%, Power Grid up by 4.65%, Coal India up by 2.19% and HCL Tech up by 0.98%. On the flip side, Britannia down by 4.58%, ITC down by 4.09%, Nestle down by 3.51%, Eicher Motors down by 3.27% and Axis Bank down by 3.22% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 743.36 points or 2.02% to 36,863.28, Shanghai Composite strengthened 36.2 points or 1.26% to 2,865.90 and KOSPI was up by 10.74 points or 0.41% to 2,620.32. On the flip side, Jakarta Composite plunged 12.26 points or 0.17% to 7,235.15, Straits Times fell 14.65 points or 0.47% to 3,141.50 and Hang Seng was down by 203.82 points or 1.28% to 15,878.07.

European markets were trading mostly in green; UK’s FTSE 100 increased 1.72 points or 0.02% to 7,630.47 and France’s CAC was up by 6.41 points or 0.08% to 7,617.67. On the flip side, Germany’s DAX was down by 9.92 points or 0.06% to 16,912.04.